Eric Cantor joins Wall Street bank

Former House Majority Leader Eric Cantor is joining the Wall Street firm Moelis & Co., the firm announced on Tuesday.

“Eric has proven himself to be a pro-business advocate and one who will enhance our boardroom discussions with CEOs and senior management as we help them navigate their most important strategic decisions,” the firm’s founder, Ken Moelis, said in a statement.

Cantor is expected to receive a pay package of $3.4 million in his new role, Business Insider reported, citing a Securities and Exchange Commission filing.

The firm said Cantor will “provide strategic counsel to the firm’s corporate and institutional clients on key issues. He will play a leading role in client development and advise clients on strategic matters.”

“When I considered options for the next chapter of my career, I knew I wanted to join a firm with a great entrepreneurial spirit that focused on its clients,” Cantor said.

Cantor unexpectedly lost the GOP primary for his Virginia congressional seat in June. He resigned from Congress last month.

Cantor will continue to live in Virginia and will open an office for the investment bank in Washington, The Wall Street Journal reported. He will also have an office in New York.

Talks between Cantor and Moelis about the former lawmaker joining the firm began “shortly before July Fourth” over brunch in Los Angeles and grew by the end of the month, the paper said.

First elected in 2000, Cantor was seen as a major ally for Wall Street on Capitol Hill. He was a top recipient from the private equity and investment industry during 2013 and 2014, according to the Center for Responsive Politics.

In its statement, Moelis & Co. praised Cantor’s work, including his efforts to lower taxes and “eliminate excessive regulation.”